PH remittances at 6-month high in June

ABS-CBN News

Posted at Aug 15 2014 07:07 PM | Updated as of Aug 16 2014 03:07 AM

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Friday said sustained demand for Filipinos abroad boosted cash and non-cash remittances to a six-month high in June.

BSP data showed that personal remittances went up 7 percent to $2.27 billion in June this year from $2.12 billion last year, the highest monthly figure since December’s $2.41 billion.

In the first six months of 2014, remittances hit $12.674 billion, up 6.2 percent compared to the same period in 2013.

“Remittances remained robust on the back of stable demand for skilled Filipinos abroad,” the central bank said.

It added that job orders for Filipinos abroad reached 371,097 in the first half of the year, more than a third of which were for service, production, and technical employment in Kuwait, Qatar, Saudi Arabia, Taiwan, and United Arab Emirates.

Cash remittances in June jumped 5.9 percent to $2.05 billion while first half levels increased by 5.8 percent to $11.42 billion.

Land-based workers contributed $8.7 billion, an increase of 4.8 percent, while sea-based workers sent $2.7 billion, an increase of 8.8 percent.

Most of the cash remittances in the first half of the year came from the United States, Saudi Arabia, the United Arab Emirates, the United Kingdom, Singapore, Japan, Canada, and Hong Kong.

The BSP also attributed the increase in remittances to efforts of banks in expanding remittance services overseas.

In 2013, cash remittances jumped by 7.4 percent to $22.97 billion while personal remittances surged by 8.6 percent to $25.35 billion.

For 2014, the BSP hopes to grow cash remittances by 5 percent.